The Insurance Release Of Liability Form is a critical document used in the Indian insurance sector when settling claims and establishing clear boundaries for future liability. It serves as a formal agreement between an insurance company and a claimant, typically executed after a settlement amount has been agreed upon. The document must comply with Indian insurance regulations, particularly the Insurance Act 1938 and IRDAI guidelines, while also meeting the requirements of the Indian Contract Act 1872. It includes essential information such as claim details, settlement terms, scope of release, and necessary declarations. This form is particularly important in preventing future disputes by clearly documenting the terms of settlement and the extent of the release granted to the insurance company.
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1. Parties: Identification of all parties involved - the Releasor (person giving the release), the Releasee (insurance company), and any other relevant parties
2. Background: Context of the release including reference to the insurance policy, claim details, and incident description
3. Definitions: Clear definitions of key terms used in the document including 'Release', 'Claim', 'Settlement Amount', and other relevant terms
4. Consideration: Details of the settlement amount or other consideration being provided in exchange for the release
5. Scope of Release: Comprehensive description of what claims and rights are being released, including present and future claims
6. Representations and Warranties: Statements by the Releasor about their authority to give the release and understanding of its implications
7. Governing Law: Specification that Indian law governs the agreement and jurisdiction details
8. Execution: Signature blocks, witness requirements, and execution formalities
1. Medical Release: Additional section for cases involving medical claims, authorizing release of medical information
2. Group Release: For cases involving multiple releasors or beneficiaries
3. Confidentiality: Terms regarding confidentiality of the settlement and release terms
4. Return of Documents: Requirements for returning any relevant documents or evidence to the insurance company
5. No Admission of Liability: Statement clarifying that the settlement does not constitute admission of liability
6. Severability: Clause stating that if any provision is found invalid, the rest remain in effect
1. Schedule A - Settlement Details: Detailed breakdown of settlement amount and payment terms
2. Schedule B - Incident Report: Detailed description of the incident or claim being released
3. Schedule C - Policy Details: Reference details of the insurance policy involved
4. Appendix 1 - Supporting Documents: List of all relevant documents referenced in the release
5. Appendix 2 - Witness Attestation: Format for witness attestation as required under Indian law
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